FIA issues 3rd SEF Tracker Report on swap trading activity

By Mike Fox on Thursday, 06.12.14

This month’s report shows an uptick in the volume of interest rate swaps traded on SEFs, a decline in the volume of credit default swaps, and a roughly unchanged amount of foreign exchange forwards traded on SEFs.

The Futures Industry Association (FIA) today published the third issue of FIA SEF Tracker, a periodic report on trading activity taking place on swap execution facilities (SEFs). In 2014, the FIA began collecting volume data from swap execution facilities, a new type of trading venue registered with the Commodity Futures Trading Commission.

Click Chart to Download May’s SEF Tracker PDF

May’s report shows an uptick in the volume of interest rate swaps traded on SEFs, a decline in the volume of credit default swaps, and a roughly unchanged amount of foreign exchange forwards traded on SEFs. In addition, the report shows that trading venues operated by inter-dealer brokers continue to have the largest IRS volumes, but the majority of SEF trading in the CDS market is going through venues operated by other companies such as Bloomberg, Intercontinental Exchange and TradeWeb. The leaders in SEF FX volumes continue to be BGC, GFI Group, ICAP, Tradition and Tullett Prebon.

Walt Lukken, President and CEO of FIA stated: “We’ve included a few enhancements to FIA’s SEF Tracker…In addition to statistics on the volume of trading and comparisons of market share, we’ve added some charts showing interest rate swap trading by currency and more information about credit default swap trading. We’ve also started tracking two more SEFs—ICAP Global Derivatives Limited and LatAm SEF LLC.”

FIA will continue to publish the SEF Tracker monthly, using public data collected directly from the SEFs to provide the public with a greater transparency into the trading activity on these venues. The report also includes similar data from trading venues that have opted to register with the Commodity Futures Trading Commission as designated contract markets rather than as SEFs.

“FIA is committed to providing research and analyses that contribute to informed public discussions about derivatives markets,” Lukken added. “The information contained in our SEF Tracker reports provides a useful window into the development of these new trading venues and the overall trends in trading activity in the products affected by the CFTC’s rules and regulations.”

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